The message you send with a Legacy Gift is one heard for generations to come, furthering the Sons of Norway Foundation’s mission of “awarding grants and scholarships to promote the heritage and culture of Norway, and to provide assistance to our members, lodges and their communities.” In fact, the impact you create with your gift of $5,000 or more for the Sons of Norway Foundation may be much greater than you think.
When considering charitable giving, you should start by consulting your financial planner and an attorney who specializes in estate planning. They’ll help you determine which gift techniques are best for you. We’re happy to work with you and your legal and financial advisors to help you accomplish your planned giving goals. Feel free to contact the Sons of Norway Foundation Director at [email protected] to learn more about the variety of ways to plan a future gift:
- Gifts by Will, Revocable Trust or Beneficiary Designation: A testamentary bequest may be designated for general support, permanent scholarship, or for another purpose. Many friends prefer that their bequest be used to meet the Foundation’s greatest needs at the time the gift is realized. Some individuals designate the Foundation as the primary beneficiary of their estate, or name the Sons of Norway Foundation as a contingent beneficiary in the event that a loved one predeceases them. Others designate the Foundation as the beneficiary of a specific bequest from the estate.
- Giving Life Insurance: By making the Sons of Norway Foundation the owner and irrevocable beneficiary of an existing policy, you may take an immediate federal income tax deduction for approximately the cash value of the policy. The Foundation will immediately receive the dividends from the policy and will ultimately receive the insurance proceeds as well. Another option is to purchase a new policy and name Sons of Norway Foundation as the owner and irrevocable beneficiary. You receive a charitable contribution deduction for all premium payments, and you can make a substantial contribution that otherwise may not have been possible. Speak with your Sons of Norway Financial Benefits Counselor for information that may assist you, and always consult with your tax advisor regarding the availability of the tax deductions.
- Gifts by Charitable Trust: A gift of cash, stock, or other property to the Foundation can provide a guaranteed lifetime income to you, your spouse, and if you wish, other beneficiaries. The trust may be set up to provide immediate income or can be invested to grow until a future date. Once the term of the annuity is complete, the remaining assets are added to the Foundation fund of your choice to help sustain the Foundation’s ongoing mission. A Charitable Trust may also be established to provide payments to the Foundation for a term of years. After the completion of the term, the trust principal goes to your children, grandchildren, or others free of, or at greatly reduced, federal gift and estate tax. Please note that a Generation Skipping Tax [GST] is imposed on large transfers to grandchildren and others who are more than one generation younger than you.
- Gifts of Real Estate: If you own a home or other real estate that has appreciated in value and you would like to give a gift of substance to the Foundation, consider a life estate gift. This allows you to keep using the property, possibly get a current income-tax deduction, and remove all or part of the property value from your taxable estate. You may also consider outright gifts of real estate without the reservation of a life interest.
- Gifts of Appreciated Stock: Gifts of appreciated stock may be placed in any of our Foundation funds. Your gift qualifies for a tax deduction on the full market value of your stock; plus, you avoid capital gains tax that would otherwise arise from the sale of these stocks.
- Gifts to a Designated Fund: Another option is to establish a fund or scholarship. Currently you may designate your gift to any of the following sources: The Humanitarian Fund, The Heritage and Culture Fund, The King Olav V Norwegian-American Heritage Fund and the General Fund.
Making Your Gift
To designate your gift for a special purpose, please talk with the Director of the Sons of Norway Foundation by calling (800) 945-8851 or by email at [email protected].